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Daily Market Report 07-04-2020

We have seen long buildup in Nifty April fut in today’s trading session, after a gap up opening Nifty fut witnessed short covering cum long build up, made a high of 8892.95 & closed at 8875.85. Fresh call writing is seen at 9500 & 9600 strikes, call unwinding is seen at 9000 & 9200 strikes fresh put writing is seen at 8500 & 8000 strikes. Now Immediate support is at 8000 & next support is at 7800, immediate resistance is at 9200 & second resistance is at 9500.

Today’s Top gainers in Nifty 50 are INDUSINDBK, AXISBANK & GRASIM. Today’s best performing sectors are NIFTY PVT BANK & NIFTY BANK.

Today Nifty fut gave a huge short covering cum long buildup move. Nifty approaching towards shorter time frame moving average. Our last report analysis proved correct as we have discussed that any bounce around or above 8075 level will take nifty towards 8600 & 8800 levels India VIX is at 51.80 cooled down from the high of 86.63 is a good sign for the market but still at a very high value. Now a days a lot of news flow is coming on daily basis & market is trying to price in all the news flow & giving very large range in intraday trading also. Primary trend of Nifty is down but secondary trend is up. MACD gave bullish crossover three days back but its still below central line. Now in current scenario this secondary up trend is likely to continue for few days. 8600 level will act as a trend deciding level.

Now resistance is placed in the range of 9200 – 9500 & support is placed in the range of 8000-7800.

This content is only for the educational purpose for ICFM Students. This content cannot be considered as a buying or selling recommendation.

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